Sports items seller Nike bought virtual design studio RTFKT last year to increase its stake in Metaworks and NFT. It has received around $1853 million from the sale of NFTs. It launched its first NFT collection in April. There were about 20,000 pieces in this collection and their prices went up to $1,34,000. Italian luxury fashion brand Dolce & Gabbana, jewelery brand Tiffany and Gucci are ranked second, third and fourth in terms of revenue generated from NFT sales.
Budweiser, Time Magazine and Pepsi are also among the brands that have made big money from the sale of NFTs. With the decline in the crypto market in the last few months, the sales of NFTs have also come down. According to a Reuters report, sales on the NFT marketplace OpenSea fell to about $700 million in June, from about $2.6 billion in the previous month. Using blockchain technology in NFTs, tokens of unique items are authenticated which are linked to reproducible digital assets. These can include art, music, in-game items, and videos. These can be traded online but cannot be duplicated.
With the growth of business in this segment, there has also been a rise in scam cases. In some such cases, NFT buyers have suffered huge losses. In the US, some major fraud cases related to this segment have been uncovered. Some of the accused have also been arrested. These cases have raised apprehensions about trading in this segment. Recently the Financial and Security Organizations in China warned against the financial risks associated with NFTs. A few months ago, a survey by financial services company Mastercard of about 35,000 people in 40 countries found that about 45 percent of these people have bought or are considering buying NFTs.
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